Some filling stations still sell Premium Motor Spirit, also known as petrol, at prices above N1,000 per litre.
Reacting to the development, the Independent Petroleum Marketers Association of Nigeria explained that the high prices are because the filling stations are yet to sell out their old stock.
TimesNow.com.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery recently announced a price reduction for marketers, leading to new pump prices at filling stations nationwide.
Dangote Refinery reduced its ex-depot from N970 to N899.50 per litre. It further partnered with MRS Oil Nigeria to ensure that its petrol is sold at N935 per litre at filling stations nationwide.
Similarly, NNPC Limited slashed its ex-depot petrol price from N1,020 to N899 per litre, ThisDay reports.
While many major marketers’ stations have reduced their prices, Punch reports that several filling stations still sell a litre of petrol for over N1,000.
It was noted that the pump price of these filling stations located in Lagos and Ogun is set as high as N1,070 per litre.
While most sell for N1,050, N1,030, N1,010 or N1,000 per litre as of Wednesday.
Explaining the price disparity, Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria said the marketers were still struggling with the old stock they bought at the old price.
He was quoted as saying:
He further noted that prices will decrease due to increased competition, as filling station owners, being businessmen, will not want to lose customers to their rivals.
Fashola stressed:
In another development, TimesNow.com.ng reported that the Dangote Refinery now takes 13% of Nigeria’s crude oil exports and domestic supply.
The refinery currently receives about 300,000 barrels of crude oil daily from the Nigerian National Petroleum Company Limited (NNPCL)
Another destination of Nigeria’s crude is US.
Source: TimesNow.com.ng
